Zenith Bank

Home Banking Nigeria’s Banking Godfather Retires Author: Charles Wachira Jim Ovia steps down as Zenith Bank chairman after 36 years, passing the torch to CEO Adaora Umeoji. 5 million) in capital, Nigeria already had a rich history of indigenous banking institutions. National Bank of Nigeria (1933), African Continental Bank (1937), and Agbonmagbe Bank (1945), later renamed Wema Bank, were among the major banks. In May, nearly 36 years after Zenith’s founding, Ovia retired as chairman after completing the maximum 12-year tenure permitted under the Central Bank of Nigeria’s (CBN) corporate governance code.

5 billion) in assets and NGN 1 trillion in after-tax profit in 2025. Zenith was among the institutions that emerged stronger from Nigeria’s landmark 2004–05 banking consolidation, during which the CBN raised minimum capital requirements from NGN 2 billion to NGN 25 billion, reducing the number of the nation’s commercial banks from 89 to 25. The lender has since expanded beyond Nigeria, with subsidiaries in Ghana, Sierra Leone, and Gambia; branches in London, Paris, and Dubai; a representative office in China; and a growing East African presence following the acquisition of Paramount Bank Kenya.

Last year, Zenith became the first Nigerian lender to exceed NGN 5 trillion in market capitalization. The leadership transition follows years of internal succession planning. Adaora Umeoji, who joined Zenith in 1998, became the bank’s first female group managing director and CEO in 2024 , after a 28-year career at the institution. 46 billion capital raise, 160% subscribed, comfortably exceeding Nigeria’s new regulatory capital requirements while maintaining record profitability. Ovia strengthened his financial commitment before stepping down as chairman.

2% and cementing his position as the bank’s largest individual shareholder.